Posted on: 07th Nov, 2013 03:23 pm
My wife and I were discharged from our debt in the summer of 2011. we never signed a reaffirmation for our current mortgage, but we have stayed current with it. we are now at the point where we can not afford it anymore. we are currently looking for a home we can afford.
1. what would happen it if we would get a mortgage and walk away from our current mortgage? the debt is already discharged, how would this affect us? what is the law in NJ regarding this have to say? the mortgage already shows up as discharged on our credit reports.
2. is this wrong?
1. what would happen it if we would get a mortgage and walk away from our current mortgage? the debt is already discharged, how would this affect us? what is the law in NJ regarding this have to say? the mortgage already shows up as discharged on our credit reports.
2. is this wrong?
Hi dude,
If you walk away from the property, the lender will foreclose it. If the foreclosure gets reported to your credit report, then it will be difficult for you to qualify for a new loan. There is nothing wrong if the mortgage is shown as discharged in your credit report.
Thanks
If you walk away from the property, the lender will foreclose it. If the foreclosure gets reported to your credit report, then it will be difficult for you to qualify for a new loan. There is nothing wrong if the mortgage is shown as discharged in your credit report.
Thanks
would this be consider buy and bail? i'm more concerned about any legal issues. some ppl say it is illegal, others are saying it isn't. i'm not looking to get out of one problem just to get into another. Is there anyone on here from NJ that has done a buy and bail? I'd like to have a discussion with them if they have some time.
specifically a buy and bail after a bankruptcy where the house was discharged too.
Hi dude,
I do not think this will be considered as buy and bail situation. You can simply surrender the property to the lender and walk away from it in order to get rid of it.
I do not think this will be considered as buy and bail situation. You can simply surrender the property to the lender and walk away from it in order to get rid of it.